• Corporate  |  APRIL 24, 2015 11:23 PM

    Najib: Boycott traders who exploit GST

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    Prime Minister Najib Abdul Razak has asked the people to boycott traders who exploit the goods and services tax (GST). “The problem with GST is not with the concept but with the unethical behaviour of some traders who have taken …

  • Economy & Featured and Exclusive  |  APRIL 24, 2015 11:08 PM

    Najib: Asean to be world’s 4th largest economy by 2050

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    Asean is set to be the world’s fourth largest economy by 2050 based on the current trends of economic growth, said Prime Minister Najib Abdul Razak. He said it would have been the seventh-largest in the world now if Asean were …

  • World Biz  |  APRIL 24, 2015 10:38 PM

    Google chairman buys 20% stake in hedge fund DE Shaw

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    Eric Schmidt, the billionaire chairman of Google Inc, bought a 20% stake in US$36 billion (RM130.3 billion) hedge fund manager DE Shaw that was previously held by Lehman Brothers Holdings Inc. No price was disclosed. Schmidt bought the stake through Hillspire LLC, …

  • World Biz  |  APRIL 24, 2015 10:31 PM

    Trader behind Deutsche’s embarrassing messages outed

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    Among the Deutsche Bank AG traders whose emails were made public when the lender was fined a record US$2.5 billion (RM9 billion) for rigging the London Interbank Offered Rate (Libor), one stood out. Identified only as Trader Three by the US …

  • Corporate  |  APRIL 24, 2015 10:18 PM

    Tropicana, Tenby to build campus in Kota Kemuning

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    Tropicana Corp Bhd has signed a conditional agreement with Tenby Schools to build a 10-acre international school campus on its 863-acre mixed-development township in Kota Kemuning, Selangor. In a filing to Bursa Malaysia today, Tropicana said under the agreement, the campus will have a …

  • Corporate  |  APRIL 24, 2015 10:12 PM

    11MP: Govt aims 4% annual productivity growth

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    The government is optimistic of achieving 4% annual productivity growth against the current 2.3%, on the back of good support from the small and medium enterprises (SMEs), said International Trade and Industry Minister Mustapa Mohamed. He said although the current 2.3% is …

  • Economy  |  APRIL 24, 2015 10:04 PM

    M’sia set to benefit from rapid Asean growth, says economist

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    Malaysia is expected to be a key beneficiary of the rapid growth of the Association of Southeast Asian Region (Asean), with its exports to other member countries set to grow strongly, helped by Asean Economic Community’s trade and investment liberalisation. In a statement …

  • Corporate  |  APRIL 24, 2015 9:55 PM

    Pentech Group’s FY15 PBT slips to RM59.18 mil

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    Pantech Group Holdings Bhd’s pre-tax profit for financial year ended Feb 28, 2015 declined to RM59.18 million from RM75.23 million a year ago. Revenue decreased to RM525.74 million from RM575.61 million previously, the company said in a filing to Bursa Malaysia today. It …

  • Corporate & Featured and Exclusive  |  APRIL 24, 2015 9:50 PM

    Ministry to introduce coral reef agricultural sub-sector

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    The Agriculture and Agro-based Industry Ministry will be introducing several new potential agricultural sub-sectors that have wide markets locally and abroad. Its minister, Ismail Sabri Yaakob, said among the new agricultural sub-sectors are coral reef, honey bee, seaweed and sea cucumber. He said …

  • Corporate  |  APRIL 24, 2015 8:04 PM

    Career development most important to job seekers

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    Career development is the most concerned factor followed by salary when it comes to job seeking. “The current trend is that people tend to pay a lot of attention to career development as in where this job will eventually lead them to …

  • Corporate  |  APRIL 24, 2015 7:55 PM

    AirAsia unveils in-flight premium coffee

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    AirAsia has introduced “baristas in the skies” premium handcrafted coffee including espresso, long black, cappuccino and café latte for only RM8 per cup on board AK-coded flights of more than two hours. In a statement here today, the low-cost carrier said …

  • Corporate  |  APRIL 24, 2015 7:47 PM

    11Street sales unaffected by GST, says CEO

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    Business on the 11street online marketplace has not been directly affected by the goods and services tax (GST), said chief executive officer Hoseok Kim. “Consumers are still keen to shop online even after the tax is implemented. “There is also a similar …

  • Corporate & Featured and Exclusive  |  APRIL 24, 2015 7:39 PM

    Service charge notice must be displayed from May 1

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    All hotels and restaurants must display notices on service charge at their entrance doors according to the format gazetted in the Price Control and Anti-Profiteering (Marking of Service Charge for Hotel and Restaurants) Order 2015 beginning May 1.

  • Corporate  |  APRIL 24, 2015 7:19 PM

    RAM reaffirms TNB’s ‘AAA/Stable’ rating

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    RAM Ratings has reaffirmed the “AAA/Stable” rating of Tenaga Nasional Bhd (TNB)’s US$500 million (RM1.8 billion) equivalent murabahah medium-term notes programme (2005/2025), based on TNB’s solid business profile as the national electricity utility company. In a statement today, RAM said under …

  • Corporate  |  APRIL 24, 2015 7:14 PM

    No plan to sell AET Tanker, says MISC

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    MISC Bhd has confirmed it has no plans to divest itself of its petroleum tanker unit, AET Tanker Holdings Sdn Bhd. “Petroleum shipping is a core element of MISC’s current and ongoing business,” MISC said in a statement in response to recent …

  • Corporate  |  APRIL 24, 2015 7:10 PM

    ‘Don’t listen to rumours of pharmacy, clinic separation’

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    Health Minister Dr S Subramaniam has advised the public not to listen to rumours relating to the government’s proposal to separate the functions of the pharmacy and clinic. He said his ministry is still discussing the matter and any speculation regarding the issue …

  • Corporate & Featured and Exclusive  |  APRIL 24, 2015 7:04 PM

    Icon Offshore CEO, COO released on RM100,000 bail

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    [email protected]

    Icon Offshore Bhd’s top executives, who were remanded by the Malaysian Anti-Corruption Commission (MACC) two days ago, have been released on RM100,000 bail, according to a company filing on Bursa Malaysia today. “The board of directors wishes to inform that …

  • Corporate  |  APRIL 24, 2015 6:45 PM

    Malton unit lands RM703 mil construction job

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    Malton Bhd’s unit, Domain Resources Sdn Bhd, has accepted a letter of award (LoA) for construction works from Impian Ekspresi Sdn Bhd worth RM703 million. In a filing to Bursa Malaysia today, Malton said the LoA is for construction works involving site clearance, …

  • Corporate  |  APRIL 24, 2015 6:41 PM

    Port operators urged to capitalise on AEC

    Story by

    Malaysian ports, especially Port Klang, have to capitalise on the potential increase in seaborne trade as Southeast Asia has become more integrated with the establishment of the Asean Economic Community (AEC) by year-end. NCB Holdings Bhd group managing director, Abi Sofian Abdul Hamid, …

  • Economy  |  APRIL 24, 2015 6:32 PM

    ‘Careful consideration needed for S’wak O&G investments’

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    Investments in the oil and gas (O&G) sector require careful planning and the proposed projects must be competitive. Sarawak Assistant Minister for Industrial Development (Investment and Promotion), Julaihi Narawi, said this also depends on market needs and the demand for the oil and …

  • Markets  |  APRIL 24, 2015 6:20 PM

    KL shares end higher; CI up 16.5 pts

    Story by

    The key index on Bursa Malaysia ended the week on a firm note today, boosted by persistent-buying momentum in selected blue chips, led by banking and oil and gas stocks. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 16.5 …

  • Markets  |  APRIL 24, 2015 6:14 PM

    CIMB: Ringgit likely to stay at 3.5 level in medium term

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    The ringgit, which is at its two-month high at the 3.5 level against the US dollar today, will likely stay at the current level for the medium term, said a trader. CIMB regional head of FX and FXO trading, Selvaraj Sinnan, said …

  • Featured and Exclusive & Markets  |  APRIL 24, 2015 6:07 PM

    Ringgit ends sharply higher against US dollar

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    At 5pm, the ringgit was quoted at 3.5790/5830 against the greenback compared with 3.6250/6280 yesterday.

  • Commodities  |  APRIL 24, 2015 6:02 PM

    Rubber market closes mixed

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    The Malaysian rubber market closed mixed today amid gains in crude oil prices and the stronger ringgit. A dealer also said the mixed trading was despite the decline in regional futures markets, supported by a stronger yen against the US dollar. The …

  • Corporate  |  APRIL 24, 2015 5:59 PM

    Supermax plans raising glove production to 24 bil pieces

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    Supermax Corp Bhd plans to increase its glove production to 24 billion pieces in the first quarter of 2016 from the current 19 billion pieces when its new factories are fully commissioned. Executive chairman/group managing director Stanley Thai said the construction of the group’s …

  • Corporate  |  APRIL 24, 2015 5:57 PM

    Supermax plans RM65 mil foray into contact lenses

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    [email protected]

    Supermax Corp Bhd chief executive officer Stanley Thai says the group will venture into the contact lens business, while maintaining its presence in the glove making industry.

  • Featured and Exclusive & World Biz  |  APRIL 24, 2015 5:45 PM

    StanChart says ‘listening’ to investors on UK domicile

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    Standard Chartered said it is “listening very carefully” to shareholders on whether the Asia-focused bank should consider moving its headquarters out of Britain following the recent rise in UK bank tax. Rival HSBC said on Friday it has started a review of whether to move …

  • World Biz  |  APRIL 24, 2015 5:42 PM

    Tesla’s Musk receives RM360 mil in options in 2014

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    Many news outlets are reporting today that Elon Musk, the billionaire founder of Tesla Motors Inc, was paid a minimum wage of US$35,360 (RM127,500) in 2014. The real number is closer to US$100 million.

  • Economy  |  APRIL 24, 2015 5:39 PM

    Philippines voices support for single Asean time zone

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    The Philippines government fully supports the idea of having a single Asean time zone, as proposed by Malaysia. Its ambassador to Malaysia J Eduardo Malaya said the idea to have common time zone for Asean capitals would benefit its 10-member country in …

  • Corporate  |  APRIL 24, 2015 5:33 PM

    Felda never cheated settlers, says chairman

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    Felda chairman Mohd Isa Abdul Samad yesterday denied the opposition claim that it had cheated settlers in the land scheme by imposing a high payment for its second-generation housing project. He said the Felda community should accept the fact that no comfortable …

  • Corporate & Economy  |  APRIL 24, 2015 5:22 PM

    Aerospace could be next growth sector, says Matrade

    Story by

    The aerospace industry could be the country’s new growth sector by 2030, said the Malaysian External Trade Development Corporation (Matrade). “By 2030, the global maintenance, repair and operations (MRO) market is expected to reach RM410 billion, and we are hoping to get at …

  • Economy & Featured and Exclusive  |  APRIL 24, 2015 5:12 PM

    M’sia’s revenue growth beats spending – Bloomberg

    Story by

    There are several reasons Malaysia’s ringgit was the worst performing currency in Asia last quarter, but here’s one measure that shows it may not be all that bad.

  • Corporate  |  APRIL 24, 2015 4:55 PM

    Petronas awards RM350 mil contracts to S’wak firms in Q1

    Story by

    A total of 80 Sarawak companies have secured RM350 million worth of contracts from Petronas in the first quarter of this year, said Chief Minister Adenan Satem. He said Petronas has recently agreed to award RM2.1 billion of contracts this year to local …

  • Corporate  |  APRIL 24, 2015 4:35 PM

    JobStreet: Employment market remains robust

    Story by

    The employment market is still robust despite the anticipated hiring downtrend in the second half of this year. country manager Chook Yuh Yng said employers are expected to reduce hiring in the second half of the year due to the goods …

  • Corporate & Featured and Exclusive  |  APRIL 24, 2015 4:18 PM

    EPF: Findings show members want withdrawal flexibility

    Story by

    The Employees Provident Fund (EPF) says preliminary findings have shown that its members are in favour of flexibility of full withdrawal of their savings. “The members have responded and they are in favour of option two which basically allows them the flexibility to …

  • Corporate & Enterprise  |  APRIL 24, 2015 4:10 PM

    AmBank, CGC to provide working capital to SMEs

    Story by

    AmBank (M) Bhd and Credit Guarantee Corp Bhd (CGC) will provide an initial working capital of RM300 million under the portfolio guarantee (PG) scheme to qualified small and medium enterprises (SMEs).

  • Economy  |  APRIL 24, 2015 4:06 PM

    Vietnam received RM15 bil in FDI from Jan-April 2015

    Story by

    Vietnam received an estimated US$4.2 billion (RM15.41 billion) in actual foreign direct investment (FDI) in January-April, up 5% from the same period in 2014, the Planning and Investment Ministry said on Friday. However, new FDI pledges in the first four months fell …

  • Featured and Exclusive & World Biz  |  APRIL 24, 2015 3:58 PM

    HSBC mulls moving HQ away from UK

    Story by

    HSBC Holdings, Europe’s biggest bank, said it has started a review of whether to move its headquarters out of Britain following regulatory and structural changes in the industry. Shareholders have urged the bank to consider moving its headquarters to Asia, probably back …

  • Finance & World Biz  |  APRIL 24, 2015 3:56 PM

    China to expand free capital movement scheme

    Story by

    China plans to let the yuan be traded with few restrictions in all of its free trade zones in coming months and later this year take nationwide the pilot scheme that is meant to make the currency more freely convertible, …

  • Commodities & Singapore  |  APRIL 24, 2015 3:52 PM

    Russian fuel oil flows into S’pore, clouding price outlook

    Story by

    Fuel oil stocks stored in the oil hub of Singapore are the highest in nearly two years as soaring Russian supplies are diverted from Europe, threatening to pressure Asian prices of the product that have rallied 10% this month. Low global crude prices have …

  • World Biz  |  APRIL 24, 2015 3:39 PM

    Mazda projects modest 3.5% rise in 2015 op profit

    Story by

    Japan’s Mazda Motor Corp on Friday forecast a modest 3.5% rise in operating profit in the year ahead, as losses from the yen’s strength against the euro and Australian dollar outweigh windfalls from the firmer US dollar. For the year …

  • Markets  |  APRIL 24, 2015 3:39 PM

    KL shares climb higher at mid-afternoon

    Story by

    The key index on Bursa Malaysia remained in positive territory at mid-afternoon today, boosted by continuous buying momentum in selected blue chips. At 3.10pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,858.85, up 12.77 points, with gains led by Petronas …

  • Economy  |  APRIL 24, 2015 3:33 PM

    StanChart expects BNM to cut rates if GDP growth falls short

    Story by

    Standard Chartered Research expects Bank Negara Malaysia (BNM) to ease the monetary policy if the gross domestic product (GDP) growth falls close to 4% and the outlook turns more uncertain.

  • Economy, Featured and Exclusive, Finance, World Biz  |  APRIL 24, 2015 3:20 PM

    Asian central banks expected to cut rates again

    Story by

    Emerging Asian central banks are expected to cut interest rates again in the coming months, but economists polled by Reuters are doubtful the moves will significantly boost growth or inflation. The findings echo results from earlier this week in Reuters …

  • Corporate  |  APRIL 24, 2015 3:17 PM

    Bina Puri unit gets RM123.32 mil Sabah JKR contract

    Story by

    Bina Puri Sdn Bhd, a wholly-owned unit of Bina Puri Holdings Bhd, has secured a RM123.32 million Sabah Department of Works (JKR) contract to equip Blocks A and B of the state administrative complex in Kota Kinabalu. In a statement today, the country’s …

  • Commodities & Featured and Exclusive  |  APRIL 24, 2015 3:10 PM

    Cycles of thin trading, wild prices seen for tin

    Story by

    Tin collapsed 11% last week. It’s now poised to end this week with its biggest gain since 2013. The whiplash isn’t all about mine closures, export bans or smelter shutdowns. The least-traded base metal is stuck in a cycle of …

  • World Biz  |  APRIL 24, 2015 2:51 PM

    Alibaba’s cloud looms large on Amazon’s horizon

    Story by

    After keeping the world waiting for nine years, Amazon finally broke out earnings for its Amazon Web Services (AWS) on Thursday. The US$1.57 billion (RM5.68 billion) in sales for the quarter suggest that the company is far ahead of rivals in the …

  • Economy & Featured and Exclusive  |  APRIL 24, 2015 2:35 PM

    90.5% AEC measures implemented, says Mustapa

    Story by

    The Association of Southeast Asian Nations (Asean) member states have successfully implemented 90.5% of the integration measures as at end-March, in its efforts to realise the Asean Economic Community (AEC). International Trade and Industry Minister Mustapa Mohamed said 457 out of 505 measures have …

  • Corporate & Economy  |  APRIL 24, 2015 2:28 PM

    ‘M’sia has potential to be major coral reef exporter’

    Story by

    Malaysia has the potential to be a major exporter of coral reef with its 3,600km, or 1.27%, of the world’s coral reef’s location representing more than 540 species of hard corals. Agriculture and Agro-based Industries Minister Ismail Sabri Yaakob said coral reef exports …

  • Commodities  |  APRIL 24, 2015 2:15 PM

    Oil set for 6th weekly gain as airstrikes shift focus from glut

    Story by

    Oil headed for a sixth weekly advance as renewed speculation that Middle East shipments may be disrupted amid Saudi-led airstrikes in Yemen which shifted focus from the expanding US glut. Futures were little changed in New York and are up …